Communication with your CPA is the key to a successful tax filing season. Take the time to do the following: 1. Send your CPA an email and let him or her know you will be filing with them this upcoming tax season. 2. Ask your CPA: are there any tax saving tips that you should be […]
Here are just a couple of tips for tax savings as we come to the end of 2014: 1. Inventory items at home that are in good condition and donate to your local charity. Several nonprofit organizations can then in turn sell those items to individuals who are interested and donate the funds to the […]
Truckers, tax payers and tax filers… IRS has announced that tax-filing extension runs out on Oct.15 2013 and advised to e-file their return on time. Well, coming back to extension, it is a way to ask IRS for more time to file your tax return. This year (2013) many tax payers have requested for an […]
When it comes to tax season, every year is a little different. Laws change, some benefits kick in while others end, and natural disasters can have an impact on your tax return. The deadline for filing your taxes is April 15, 2013. While this is the normal deadline, there are some important new things you […]
The following is a compilation of various deadlines for filing returns with the IRS and making various payments. January 15, 2013 Deadline to pay your fourth quarter estimated tax payment for the year 2012. However, you can skip this estimated payment without penalty if you file your return and pay your balance in full by January 31, […]
President Barack Obama speaks during a joint news conference with British Prime Minister David Cameron at White House on Monday. Outrage intensified in Washington on Monday over the disclosure that the Internal Revenue Service targeted conservative groups for special scrutiny when they applied for tax-exempt status. President Barack Obama, at a White House appearance with […]
When all is said and done, what are the actual tax brackets and rates this year? The fiscal cliff compromise bill that passed Congress preserves Bush-era rates for taxpayers making under $400K (single filers)/$450K (joint filers) in taxable income. Last year, we predicted 2013 tax brackets under various scenarios using the IRS’s method of adjusting tax brackets […]
Everyone makes mistakes now and then. (Don’t tell the hubby that I admitted that!) When it comes to mistakes on tax returns, the Internal Revenue Service gives us a second chance, up to a point. As this week’s Weekly Tax Tip notes, sending in a corrected tax return via Form 1040X is not that difficult. The IS wants to […]
How can I spot a charity scam? These are some common-sense suggestions for avoiding rip-offs: Try to avoid making a cash contribution. If possible make your donation using a check or money order made out to the charity-never to the individual soliciting the donation. If you do pay cash always get a receipt. Cash donations […]
What’s the best way to borrow to make consumer purchases? For homeowners, it’s the home equity loan. Other consumer related interest expense, such as from car loans or credit cards, is not deductible. Interest on a home-equity loan can be deductible. So avoid other nondeductible borrowings and use a home-equity loan if you plan to […]
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